How to Deposit Large Amounts of Money

Moving large amounts of money can be difficult, especially if you're trying to deposit it. Anything over say $5,000.00 can have several holds placed on the check in order for the banks to verify the funds meaning funds won't fully clear for two or three weeks, up to a month for really large checks.

Difficulty: Easy

Instructions

Things You'll Need:

• Money
• A bank branch at which you have an account

1. Easiest way to deposit: Cash. Cold hard cash will appear in your account immediately after deposit, not overnight or next day like a regular check. However, cash deposits over $10,000.00 will require the bank to report your deposit to the govt to track and investigate in case you make frequent and suspicious deposits over $10,000. Not doing anything illegal? Then don't worry.

2. Next easiest: Cashier's check or money orders. These are checks that are issued by the bank and have guaranteed funds. Nice banks won't bother putting a hold because it is guaranteed funds or will double-check the funds with the bank that issued the check on the spot to avoid holds. This means your funds will be available overnight or next day same as any other check. Note: deposit at a teller window - ATMs can't tell the difference between a cashier's check or a personal check and will automatically place holds on the check based on the amount.

3. Last resort: A personal check. Unless the check is from the same bank that you are depositing, the bank will not be able to verify funds are available and will need to put a hold. Holds are placed at different amounts and will be released at different times. The first hundred will be available immediately, the next group usually within a week, and then the rest after about two or three weeks.

Tips & Warnings

• Use wire transfers for ridiculously large sums of money or when sending money overseas.
• Suspicious account activity will increase your chances of getting a hold.

[sherwind2007]

on 12/27/2009 In this life, one thing counts. in the bank, Large Amounts.